QUANTUMONLINE.COM SECURITY DESCRIPTION: Wells Fargo & Co., formerly Wachovia Corp. 8.00% Depositary Shares each representing a 1/40th interest in a share of the 8.00% Non-cumulutive Perperual Class A Preferred Stock, Series J, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 12/15/2017 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Distributions of 8.00% ($2.00) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which is the last day of the month prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-21 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Notes: January 1, 2009 -- Wells Fargo & Company (NYSE: WFC) said today it has completed its merger with Wachovia Corporation, effective December 31, 2008, creating North America’s most extensive distribution system for financial services with 11,000 stores, 12,260 ATMs, wellsfargo.com and Wells Fargo PhoneBankSM. Beginning today, Wells Fargo and Wachovia customers have free use of all of the company’s combined ATMs. At closing, Wells Fargo acquired all outstanding shares of common stock of Wachovia in a stock-for-stock transaction. Wachovia shareholders received 0.1991 shares of Wells Fargo common stock in exchange for each share of Wachovia common stock they owned. Shares of each outstanding series of Wachovia preferred stock were converted into shares (or fractional shares) of a corresponding series Wells Fargo preferred stock having substantially the same rights and preferences. As a result of the transaction, Wells Fargo acquired all of Wachovia Corporation and its businesses and obligations, including all of its banking deposits.